GPT Group has dropped its takeover bid for Â-Australand Property Group's $3 billion commercial and industrial assets. The news came after Mirvac Group indicated it would no longer pursue a $7 billion merger plan with Australand. This leaves open the prospect of a block trade by majority shareholder CapitaLand, which owns 59% of Australand's shares. The block trade may now come at a discount to Australand's net tangible asset backing and holds a diminished appeal as the A-REIT sector cools.
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